Author Topic: Rich people don't know what to do with their money.  (Read 2549 times)

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Offline Packard

  • Posts: 686
Rich people don't know what to do with their money.
« on: August 25, 2021, 12:39 PM »
Rich people don't know what to do with their money.  At $19,952.00 this scale model may have the man-hours involved that justify its price. It is shown in the post-race (24-hours of LeMans) condition.  It is damaged as shown in photographs of the race winner.   

But how do you justify spending $20,000.00 dollars on a model car.  (It does look nice though.)

Here is the link:  https://www.autoweek.com/car-life/classic-cars/g37379198/amalgam-le-mans-cars/?source=nl&utm_source=nl_aut&utm_medium=email&date=082521&utm_campaign=nl24849642&utm_term=AAA%20--%20High%20Minus%20Dormant%20and%2090%20Day%20Non%20Openers


Offline live4ever

  • Posts: 858
Re: Rich people don't know what to do with their money.
« Reply #1 on: August 25, 2021, 01:33 PM »
A lot of people say the same about buying Festools, or other high-end or collectible tools.  What brings one person pleasure another scoffs at.  What’s the point of trying to justify one’s own purchases to others or unjustifying someone else’s?  At the end of the day if you earned your $ without wronging others, you only need to justify it to yourself.  If that’s a 20k model car, so be it! 

Current systainer to productivity ratio:  very high

Offline Bob D.

  • Posts: 2336
Re: Rich people don't know what to do with their money.
« Reply #2 on: August 25, 2021, 01:44 PM »
True, how many people paid enormous sums for a cheap wood frame
with some canvas stretched across it that someone splattered paint on.
-----
It's a table saw, do you know where your fingers are?

Offline squall_line

  • Posts: 825
Re: Rich people don't know what to do with their money.
« Reply #3 on: August 25, 2021, 04:27 PM »
As the article points out, they're still cheaper than the real thing.

For anyone who has watched Barrett-Jackson or other auctions lately, they can tell you that 'collectible' cars are stupidly priced nowadays.

I can almost guarantee someone who has the real thing will also buy the model, of at least one of these.

Models like this and other high-end collectibles are also a "convenient" way to convert unreported cash into hard assets that can then be re-sold for clean cash.

Offline jobsworth

  • Posts: 6746
  • Festool Baby.....
Re: Rich people don't know what to do with their money.
« Reply #4 on: August 25, 2021, 04:50 PM »
All depends what yer interest is, collectors will pay whatever it takes to get the collectables they are collecting

Offline Crazyraceguy

  • Posts: 709
Re: Rich people don't know what to do with their money.
« Reply #5 on: August 28, 2021, 06:09 PM »
A lot of people say the same about buying Festools, or other high-end or collectible tools.  What brings one person pleasure another scoffs at.  What’s the point of trying to justify one’s own purchases to others or unjustifying someone else’s?  At the end of the day if you earned your $ without wronging others, you only need to justify it to yourself.  If that’s a 20k model car, so be it!

Yeah, it's all relative. If you are rich enough, 20k is no different than the $20 in the average guy's pocket.
Some people do seem to have issues with Festool, but I don't see them as "collector tools" like I would with things like hand planes. Many hand planes are nothing but display/collector pieces, that never get used.
I use my Festool equipment every day and have made enough money with the increase in speed to have them pay for themselves. The tracksaw, Domino, CXS, and MFT clamps/dogs are invaluable to me and my workflow. The "piece of mind" of the system approach has value too.
I have had visitors to the shop go all starry-eyed when they see them, but it's just because of the way they are stored. This kind of puts them "on display", but it's really just the Systainers and you would have to know what that means in the first place. It does appeal to the organized type person, even if they know nothing of the brand inside.
CSX
DF500 + assortment set
PS420 + Base kit
OF1010
OF1400
MFK700 (2)
TS55, FS1080, FS1400 holey, FS1900, FS3000
CT26E + Workshop cleaning set
RO90
RO125
ETS EC 125
RAS115
ETS 125 (2)
TS75
Shaper Origin/Workstation

Offline leakyroof

  • Posts: 2364
Re: Rich people don't know what to do with their money.
« Reply #6 on: August 28, 2021, 09:18 PM »
Another thought is that a $20K model is way cheaper to own and maintain than the real race car…. [wink] [wink]
Not as many Sanders as PA Floor guy.....

Online Cheese

  • Posts: 8952
Re: Rich people don't know what to do with their money.
« Reply #7 on: August 28, 2021, 11:07 PM »
Hobbies are...just hobbies.  [smile]

From collecting toothpick holders (yes there is a devoted following) to collecting ocean going yachts you can spend way too much money on whatever hobby consumes you.

Personally, spending $20K on a 1/8th scale model is really a rather benign issue as once you've spent the $$$, what else is there to provide? Some small energy costs to highlight the scale model under perfect LED lighting and maybe a custom built display cabinet...after that you're home free after you've paid the home owners insurance premium.

On the other hand take an airplane or a 150' custom motor yacht, the cost of the ship, the yacht storage, the fuel costs, the maintenance, the harbor/dockage fees, the insurance, the 12 person crew, the helicopter pilot...will this never end? And yet, there are hundreds of large yacht owners around that find these many expenses as just simply the cost of doing business, they just shrug their shoulders and order another 10# of Beluga-Albino caviar for the guests.

FWIW...I really like the late-race detailing they did on the 917K, if I had $20K laying around just waiting to be spent, it'd be a consideration.

https://www.classicdriver.com/en/article/cars/le-mans-winning-porsche-917-was-one-hit-wonder
« Last Edit: August 28, 2021, 11:23 PM by Cheese »

Offline squall_line

  • Posts: 825
Re: Rich people don't know what to do with their money.
« Reply #8 on: August 29, 2021, 01:46 PM »
On the other hand take an airplane or a 150' custom motor yacht, the cost of the ship, the yacht storage, the fuel costs, the maintenance, the harbor/dockage fees, the insurance, the 12 person crew, the helicopter pilot...will this never end? And yet, there are hundreds of large yacht owners around that find these many expenses as just simply the cost of doing business, they just shrug their shoulders and order another 10# of Beluga-Albino caviar for the guests.

It's been said that "a boat is a hole in the water into which you pour money".  The only minor difference with an airplane is that the hole is in the sky...  [wink]

Offline rst

  • Posts: 2700
Re: Rich people don't know what to do with their money.
« Reply #9 on: August 29, 2021, 02:41 PM »
They say if you have to ask how much the upkeep is...you can't afford it

Offline jussi

  • Posts: 406
Re: Rich people don't know what to do with their money.
« Reply #10 on: August 29, 2021, 07:36 PM »
No difference to me than what people pay for paintings that look like a 5 year old did.

Offline Mini Me

  • Posts: 106
Re: Rich people don't know what to do with their money.
« Reply #11 on: August 29, 2021, 09:46 PM »
A sailing boat is the same as standing under a cold shower and ripping up hundred dollar bills at the same time. Been there and done that and it was only a small boat.

Online Cheese

  • Posts: 8952
Re: Rich people don't know what to do with their money.
« Reply #12 on: August 29, 2021, 10:06 PM »
A sailing boat is the same as standing under a cold shower and ripping up hundred dollar bills at the same time.

Hmmm...I'd consider it to be more of a tepid shower.  [smile]   However if you can sail in the right areas, it's a real gas and an experience I'd never regret and would strongly encourage. It's something that will stay with you for the rest of your life. That said, hobbies are still just hobbies and they all cost $$$$.  [smile]

Offline Mini Me

  • Posts: 106
Re: Rich people don't know what to do with their money.
« Reply #13 on: August 30, 2021, 06:18 AM »
But sometimes you get a ride like this and the cost of the hobby gets repaid

Online Cheese

  • Posts: 8952
Re: Rich people don't know what to do with their money.
« Reply #14 on: August 30, 2021, 10:33 AM »
@Mini Me ...thanks for the video, that's pretty thrilling.  [big grin]  I've watched it 5 times with the sound track turned up.

The size of the wake is something you'd expect from a power boat.  [eek]  Although, I suppose any 100 foot long boat traveling at 38 knots (44 mph) would leave its heavy imprint.

Good choice for the sound track too...Stranglehold indeed. The adrenalin rush is the Stranglehold.
« Last Edit: August 30, 2021, 05:22 PM by Cheese »

Offline Packard

  • Posts: 686
Re: Rich people don't know what to do with their money.
« Reply #15 on: August 30, 2021, 11:03 AM »
When I was in college (Syracuse, Class of 1970) a friend of mine used to race iceboats.  They would exceed 60 mph.  For a photography class he mounted a camera aimed at his face.  Not only did the wind deform his face, but the shards of ice thrown up by the forward-mounted blade would also hit his face and he had rivulets of blood streaming across his cheeks.  (He wore goggles.)  The ice shards would melt almost immediately, so all he had to do was wash his face when he got home. 

No visible wake though.

I see that the moderns iceboat racers wear full helmets, so the opportunity to get that photograph has passed.




Offline RobS888

  • Posts: 64
Re: Rich people don't know what to do with their money.
« Reply #16 on: August 31, 2021, 12:28 PM »
uh, don't know about that. they seem to spend a lot of time and money hiding it for their children.

« Last Edit: August 31, 2021, 04:02 PM by RobS888 »

Offline SRSemenza

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Re: Rich people don't know what to do with their money.
« Reply #17 on: August 31, 2021, 02:26 PM »
Regardless of the topic title lets not go off track with the spirit of this topic and turn into something that was not intended.

Seth